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201404184
<br /> D�ED QF TRUST
<br /> Loan Na: 1'i 19292-3 fContinued) Page 3
<br /> and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Trustor shakl repair or
<br /> replace th� damaged or destroyed Imprvvements i� a manner sat9sfactory to lender. Lender shall, upon
<br /> satisfactory proo# of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost af
<br /> repair or restoration if Trustor is not in default under this Deed of Trust Any proceeds which ha�e not been
<br /> dis�rursed within 1$0 days after their receipt and which Lender has not committed to the repair or restoration of
<br /> the Property shail be used first to pay any amount owing to Lender under this �eed of Trust, then to pay accrued
<br /> interest, and the remainder, if any, shall be applied to the principa! balance of the Indebtedness. Ef Lender halds
<br /> any proceeds after payment in full af the Indebtedness, such proceeds shall be gaid to Trustor as Trustor's
<br /> interests may appear.
<br /> Compliance with Existing lndebtedness. �uring the period in which any Exisiing {nde6tedness described below is
<br /> in effect, cqmpliance with the insurance provisions contained in the instrument evidencing such Existing
<br /> Indebtadness shall constitute compliance with the insurance provisions under this Deed of Trust, to the exxent
<br /> compliance with the terms of this Deed of Trust would canstitute a duplicatian of insurance requirerrsent. if any
<br /> proceeds from the insurance become payable on loss, the pravisians in this Deed of Trust for divisian of proceeds
<br /> shall apply only to that portion oY the proceeds not payable to the holder of the Existing Indebtedness.
<br /> Trustor's Report an Insurance. Upon fequest of Lender, hawever nat more than once a year, Trustor shall furnish
<br /> to Lender a report on each existing policy of insurance showing: I1? the name of the insurer; {2} the risks
<br /> insured; f3) the amaunt of the po[icy; {4} the property insured, the then current repfacement �alue of such
<br /> property, and tF�e manner of determining chat value; and (5) the expiration date of the policy. 7rustor shal{, upon
<br /> request of Lender, have an independent appraiser satis#actory to Lender determine tha casF� value replacement cost
<br /> of the Property.
<br /> LENDER'S EXPENL7fTURES. If any action or proceeding is cvmmenced that would materiaAy affect Lender's inYerest in
<br /> the Property or if Trustor fails to comply with any provision of this Deed af Trust or any Related Dacuments, including
<br /> but nat limited to Trustor's failure to comply with any obligation to maintain Existing indebteciness in good standing as
<br /> required beEow, or to discharge or pay when due any amounts Trustor is reguired to discharge or pay under this�eed of
<br /> 7rust ar any Related �ocuments, Lender on Trustor's behalf may (but shall not be obligated to) take any action that
<br /> Lender c3eems apprapriate, including 6ut not limited to discharging or paying all taxes, liens, security interests,
<br /> sncumbrances and other daims, at any time levied or placed on the Property and paying all cos#s for insuring,
<br /> maintaining and preserving the Property. A!I such expenditures incurred nr paid by Lendef far such purposes will then
<br /> bear interest at the rate charged under the Note from the date incurreci or paid by Lender to the date of repayment by
<br /> Trustor. All such expenses will 6ecome a part of the lndebtedness and, at Lender's option, will {A) be payable on
<br /> demand; (6} be added to the balance of the Note and be apportioned among and be payable with any installment
<br /> payments to become due during either {1) the term of any agplica6fe insurance poficy; vr {2} the remaining term of
<br /> the Note; or [C} 6e treated as a balloon payment which wilE be due and payable at the Note's maturity. The Deed of
<br /> Trust also will secure payment of these arr�ounts. Such right shalf be 3n addition ta all other rights and remedies to
<br /> which Lender may be entitled upon Default.
<br /> WARRANTY; C7EFEN5E OF TITLE. The foliowing provisions relating ta ownership of the Property are a part of this Daed
<br /> of Trust,
<br /> Title. Trustor warrants that: la} Trustor holds good and marketable title of record to the Property in fee simple,
<br /> free and clear o# all liens and encumbrances other than those set forth in the Real Property description or in the
<br /> Existing Indebtedness sec#ion below or 'tn any title insurance policy, Yitle report, or final title opinion issued in #avor
<br /> of, and accepted by, Lender in connection with this Deed af Trust, and Ibl Trustor has the full right, power, and
<br /> authority to execute and deliver this �eed af Trust to Lender.
<br /> aefensa of Title. Subject to the exception in the paragraph above, Trustor warrants and will forever defend the
<br /> title to Yhe Praperty against the lawful claims of all persons. !n the e�ent any action or proceeding is eommenced
<br /> that questions Trustor's title or the i�terest oi Trustee or Lender under this �eed of Trust, Trustor shall defend Yhe
<br /> action at Trustor's expanse. Trustor may be the nominal parYy in such proeeeding, but Lender shall be entitled to
<br /> participate in the proceed9ng and co be represented in the proceeding by caunsel of Lender's own choice, and
<br /> Trustor wifl deliver, or cause to be delivered, ta Lender such instruments as Lender may request from time to time
<br /> to �ermit such participa#ion.
<br /> Compliance With I.aws. Trustor warrants that the Property and Trustor's use of the Property camplies with all
<br /> existing applicable laws, ordinances, and regulations of gavernmental authorities.
<br /> 5ur�ival of Representations and Warranties. All repres�ntations, warrenties, and agreements made by Trustor in
<br /> this Deed of Trust shall survive the execution and delivery of this Deed of Trust, shall be continuing in nature, and
<br /> shall remain in fukl force and effect until such time as Borrower's lndebtedness shalk be paid in fiull,
<br /> EXfSTkPEG INDES7EDNE5S. The follawing provisions concerning Existing lndebtedness are a part of this Deed of Trust:
<br /> Existing Lisn. The lien of this Deed of Trust securing the lndebtedness may be secandary and inferior to an
<br /> exis#ing Gen. Trustor expressly covenants and agrees to pay, or see to the payment ofi, the Existing lndebtedness
<br /> and to prevent any default on such indebtedness, any default under the instruments e�idencing such indebtedness,
<br /> or any default under any security documents for such indebtedness.
<br /> No Modification. Trustar shafl not enter into any agreement with the holder of any mortgage, deed af trust, or
<br /> other securi#y sgreement which has priarity aver this Deed of Trust by which that agreement is modified,
<br /> amended, extended, or renewed without the prior written consent of Lender. Trustor shall neithar request nor
<br /> accept any future advsnces under any such se�uriCy agreement without the prior written consent of Lender.
<br /> CONDEMNATfON. The following provisions reiating to condemnatian ptoceedings are a part of this Deed of Trust:
<br /> Proaeedings. If any proceeding in condemnation is filed, Trustor shall promptly notify Lender in writing, and
<br /> Trustor shall promptly take such steps as rnay be necessary to defer�d the action and o6tain the award. Trustor
<br /> may be the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to ba
<br /> represented in the praceed'sng by counsel of its awn choice, and Trustor will deliver or cause ta be delivered to
<br /> Lender such instruments and documentation as may be requesYed by Lender from time to time to permit such
<br /> participation.
<br /> Applica#ion of Net Proceeds. IY aU or any part of the Property is conciemned by eminent domain prnceedings ar by
<br /> any proceeding or purchase in lieu of condemnation, Lender may at i#s efection require that al� or any portion of tha
<br /> net proceeds af the award be applied to the Indebtedness or the repair or restoration of the Praperty. The net
<br /> proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees
<br /> incurred by Trustee or Lender in cannection with the condemnation.
<br /> IMPOS1TlON OF TAXES, FEES AN❑ CHARGES 1BY GOiIERNNf�N7l�L AUTHDRITIES. The following provisions relating
<br /> to go�ernmental 4axes. fees and charges are a pert of this Deed of Trust:
<br /> Current Taxes, Fees an� Charges. Upon request by Lender, Trustor shall execute such documents in addition to
<br /> this Deed of Trust and take whate�er other action is reques#ed by Lender ta perfect and continue Lender's lien on
<br /> the Real Property. Trustor shall reimburse Lender for aA taxes, as described below, together with a!I expenses
<br /> incurred in recording, perfecting or continuing #his Deed of Trust, including without limitation all taxes, fees,
<br /> documentary stamps, and othar charges for recarding or registering this Deed of Trust.
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